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Nigeria’s Inflation Rate Increases By 12.56% — Highest In 26 Months

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The Consumer Price Index used to measure the inflation rate has increased by 12.6% in June 2020.

Nigeria's Inflation Rate Increases By 12.6%
Nigeria’s Inflation Rate Increases By 12.6% High

This is according to a report by the National Bureau of Statistics.

According to its website report titled “CPI June Report 2020, “The consumer price index, (CPI) which measures inflation increased by 12.56 percent (year-on-year) in June 2020.

This is 0.16 percent points higher than the rate recorded in May 2020 (12.40) percent.”

It said Increases were recorded in all COICOP divisions that yielded the Headline index.

The explained on month-on-month basis, the Headline index increased by 1.21 percent in June 2020. This is 0.04 percent rate higher than the rate recorded in May 2020 (1.17 percent).

According to the report, the percentage change in the average composite CPI for the twelve months period ending June 2020, over the average of the CPI for the previous twelve months period was 11.90 percent, representing a 0.11 percent point increase from 11.79 percent recorded in May 2020.

Adelowo Adegboyega
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